Commercial Space, Q3 2022
December 7, 2022 – Silicon Valley’s commercial space indicators reveal that companies are adjusting to new expectations around remote work. The latest analysis from Joint Venture’s Institute for Regional Studies shows that, despite increased vacancy rates, the total number of leases still surpassed last year’s totals. Analysis shows that, even with the backdrop of tech company layoffs and a looming recession, rents continued to hold steady through the third quarter. “Companies are still adjusting expectations around remote work,” noted Rachel Massaro, Vice President, and Director of Research for the Institute.